Technical Insurance Knowledge and Skills

Motor Trade Insurance - Introduction (BROKER ACADEMY)

This workshop aimed at delegates who are just becoming involved with motor trade insurance. It will prepare them for day to day contact with insurers and clients.

The workshop goes beyond the motor issues and encourages
delegates to consider the wider insurance needs of a motor trader.

Delegates should have some existing knowledge of motor and
commercial insurances. They will experience a full day of involvement in the principles and practice of motor trade
insurance.

Workshop Objectives
List the reasons why a motor trader needs special treatment for motor insurance risks

Explain a motor trader’s obligations under the MID

List trades which require motor trade insurance and the reasons

Describe the various rating methods, including named driver, points basis and fleet rating

Describe the types of underwriting information required to assess a motor trade risk

Summarise the respective covers under road risks and non-motor policies issued to motor traders

Give examples of how of risk management methods can be used in the risk assessment process

Workshop Content

An examination of the reasons why a motor trader needs a special type of motor insurance policy

A review of the law relating to motor insurance with particular reference to the MID

How the different types of road risks policies are rated and an examination of the relevant underwriting factors

An in depth analysis of road risks cover and extensions including a comparison of market policy wordings

A summary of the non-motor covers and how these are adapted to suit the motor traders’ needs

Testing (optional)

Duration: 1 day(s).  Level: Introduction

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